American History Big business Emerges- part 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Vertical Intergation | Control of all steps turning raw materials into finished products. Steps to production
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| Social Darwinism | Free competition would ensure "survival of the fittest"
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| Horizontal consolidation | Control of one area of production- companies bought out
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| Trusts | "separate companies" run as one large corporation
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| "Robber Barons" | engaged in unethical business tactics and stock marker transactions to build large personal fortunes Ex: Andrew Carnegie, John D. Rockefeller, Cornelius Vanderbilt, George Pullman
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| Rebate | Discount on the normal charge--hurts small businesses
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| Stock Certificate | Shares ownership in a company
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| Monoply | complete control of a product or service in particular market by single company
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| Consolidating | Increase efficiency by combining smaller lines, units, factories
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| Exploited workers- labor conditions | Seven day work week, long hours and dangerous conditions, no vacation/sick leave, no unemployment, children in the factories
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| How low was the pay for exploited workers in big business and labor | It was so low they couldn't survive unless everyone had a job
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| workers joined together to do what in labor unions | to improve position in collective bargaining
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| Strike | Form of protest-refusal to work-attempt to gain concession from their employer
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| The Pullman strike | 4,000 employees began a wildcat strike
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| After the Pullman strike they laid off workers and what | lowered wages
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| Who is Eugene Debs | A union leader, socialists
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| Communism | government plans and controls the economy, more controlling. extreme socialism
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natasha_ashford
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